The following information was gathered from a company’s balance sheet and income

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The following information was gathered from a company’s balance sheet and income

The following information was gathered from a company’s balance sheet and income statement.
CurrentPrevious
Cash$60,000$50,000
Accounts receivable$30,000$35,000
Inventory$35,000$45,000
Long-term assets$250,000$160,000
Total assets$375,000$290,000
CurrentPrevious
Current liabilities$50,000$70,000
Long-term liabilities$90,000$80,000
Total liabilities$140,000$150,000
Stockholders’ equity$235,000$140,000
Total liabilities and equity$375,000$290,000
Current
Net sales$360,000
Cost of goods sold$170,000
Operating expenses$61,000
Interest expense$12,000
Income tax expense$22,000
Net income$95,000
Required:
Use the information above to calculate the financial ratios listed below.
After you complete column D, ratio values will auto-populate in column F.
(Use cells A2 to C24 from the given information above to complete the question. Note that you are permitted to enter the hardcoded number “2” when calculating averages.)
Receivables turnover ratio:Net credit sales**==times
Average accounts receivable
Average collection period:365=365=days
Receivables turnover ratio
Inventory turnover ratio:Cost of goods sold==times
Average inventory
Average days in inventory:365=365=days
Inventory turnover ratio
Current ratio:Current assets==#DIV/0!to 1
Current liabilities
Acid-test ratio:Cash + Accounts receivable***==to 1
Current liabilities
Debt to equity ratio:Total liabilities==
Stockholders’ equity
Times interest earned ratio:Net income + Interest expense + Tax expense==times
Interest expense
** Assume all sales were credit sales
*** Current investments, if reported, would also be added in the numerator

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